Hibbing at a glance
- Population: 15,979 (US Census Bureau, Vintage 2023 subcounty estimate), the 71st-largest of 853 places in Minnesota.
- 2020 Census base: the 2020 count put the population at 16,207 (US Census Bureau).
- 2020 to 2023 change: down roughly 1.4% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Minnesota places: 71st in population of 853 places (US Census Bureau).
- Size percentile: it exceeds roughly 92% of Minnesota's Census places by population (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 47.3959, -92.9465.
- Nearest larger cities: Duluth, MN (57 mi); Superior, WI (63 mi) — straight-line distances, US Census Bureau populations.
- Smaller places nearby: Keewatin, MN (6 mi); Chisholm, MN (7 mi); Nashwauk, MN (10 mi), per US Census Bureau estimates.
What a personal loan costs in Hibbing
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
APR is the figure that lets you compare like with like, since it wraps fees into the rate; run your own numbers with the personal loan calculator.
A lender weighs your credit profile, income and debts when setting the rate, and a longer term lowers the payment at the cost of more interest overall.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
Minnesota lending rules that apply in Hibbing
The table carries the Minnesota rate and licensing rules that apply to consumer loans made in Hibbing.
| Rule | Detail | Source |
|---|---|---|
| Maximum legal interest rate (usury cap) | 6% per year legal rate of interest; a different rate may be contracted for in writing (Minn. Stat. § 334.01) Source says: "The interest for any legal indebtedness shall be at the rate of $6 upon $100 for a year" | Minnesota Legislature, Office of the Revisor of Statutes as of 2026-09-16 |
| Payday lending status | Legal and licensed; APR capped at 36%, or up to 50% with an ability-to-repay analysis (Minn. Stat. §§ 47.60, 47.601, 47.603) Source says: "The cap on that annual percentage rate is set at either 36%, or up to 50% if the lender conducts an ability to repay analysis" | Minnesota Department of Commerce as of 2026-09-16 |
| Small-loan / installment lender licensing | Regulated loan license required from the commissioner for loans within the Chapter 56 threshold (Minn. Stat. § 56.01) Source says: "without first obtaining a license from the commissioner, no person shall engage in the business of making loans of money" | Minnesota Legislature, Office of the Revisor of Statutes as of 2026-09-16 |
| State lending regulator | Minnesota Department of Commerce (commissioner of commerce) Source says: ""Commissioner" means the commissioner of commerce" | Minnesota Legislature, Office of the Revisor of Statutes as of 2026-09-16 |
| Payday ability-to-repay requirement | Required for payday loans with an APR above 36% (Minn. Stat. § 47.603) Source says: "This section applies to all payday loans with an annual percentage rate that exceeds 36 percent." | Minnesota Legislature, Office of the Revisor of Statutes as of 2026-09-16 |
How to compare offers in Hibbing
A few practical steps will make the process in Hibbing less costly:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in Minnesota using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.